Peerform personal loans review August 2017

6 July 2017

Apply for a loan with Peerform using a quick and simple online process and make payments easily.

Peerform aims to provide personal loans to individuals quickly while also giving investors an opportunity to explore multiple investment alternatives. Since Peerform does not have to bear overhead costs linked with brick-and-mortar institutions it is able to pass on the savings to its clients.

This peer-to-peer lending platform provides personal loans for different purposes. You start by registering on the Peerform website. After reviewing your borrowing requirements you may be offered multiple loan options, and you can choose the one that suits you best. You’ll likely need good to excellent credit to qualify.

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Rates last updated August 18th, 2017

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What can you use a Peerform personal loan for?

Peerform offers loans for different purposes, including:

Debt consolidation. One of the biggest problems with credit card debt is that you can end up paying large sums in interest charges. If you’re facing this problem you can consider getting a Peerform debt consolidation loan. Such a loan can help you save on interest charges, and you’ll only have one payment to worry about each month.

Wedding. Weddings are special, and almost everyone wants perfection, but they can be costly. If you’re not sure how to arrange finances for that all-important day, a wedding loan through Peerform may fit the bill. You can use funds from this loan to pay for the venue, to buy a ring, to pay the caterers and even to go on your honeymoon.

Home improvement. If you want to make some changes to your house but don’t have the money for them, a home improvement loan from Peerform can help. You can use the proceeds from the loan to prepare your home for sale, to modify your kitchen, to add a patio, or to undertake repairs.

Medical expenses. Medical insurance providers tend not to cover elective procedures such as cosmetic surgeries, dental implants, laser vision correction and infertility treatments. With funds from a Peerform medical loan, you can pay for just about any medical procedure.

Benefits of a Peerform loan

If you’re considering getting a personal loan from Peerform you can expect the following:

No collateral. All Peerform personal loans are unsecured, so you don’t have to worry about providing any kind of collateral.

Fixed interest rate. Your personal loan attracts a fixed annual percentage rate (APR) that remains the same for the entire loan term. This can vary from 5.99% p.a. depending on your credit score.

Flexible loan amount and term. Depending on your requirement, you can apply for a loan for between $1,000 and $25,000. Loan term can extend up to three years.

Quick and easy application. The online application is easy to complete, and takes no more than a few minutes, provided you have all the required information close at hand. You don’t have to pay any fee to apply.

Easy monthly payments. Monthly payments come from your linked bank account automatically, so you don’t have to worry about making late payments. You can make additional payments at any time, and paying the loan ahead of schedule does not attract any fees or penalties.

FICO score not the deciding factor. While Peerform takes a look at your FICO credit score before making its decision, it takes other factors into account as well. If you have a FICO score of 600 or more and have a steady source of income you can consider applying for a Peerform personal loan. If you’re unsure about it.

Live chat. If you wish to find out about any aspect of Peerform personal loans you can visit its website and chat with a Peerform representative.

Interested in being a Peerform investor?

Peerform is open to accepting new investors and it lets them choose between whole loans and fractional loans. Whole loans are best suited for institutional investors, while individual investors can benefit through fractional loans. Through Peerform, investors get to diversify beyond traditional asset classes, and they also get the ability to customize their investments.

Peerform provides investors with a portfolio builder that lets them create tailor-made risk adjusted profiles. Its customization tool lets you set goals while also outlining how to go about investing so you can achieve optimum results.

Ready to apply for a Peerform loan?

Click on the “Go to Site” button if you want to apply for a Peerform personal loan. Before applying, make sure you meet the following eligibility criteria:

Meet your state’s minimum age requirement.

Be an American citizen or permanent resident of the US.

Have a regular source of income.

Have a FICO score is 600 or higher.

To complete the application you have to provide some basic personal information:

Your full name and contact information.

Proof of a government-issued ID, like a driver’s license or passport.

Your Social Security number and date of birth.

Your employment status and annual income,

Frequently asked questions

How do I verify my bank account?

Start by clicking on “Add a bank account” located under your “To do” list in your account.

Peerform will deposit a small amount (which they will withdraw shortly) within 1-2 business days,

As soon as you receive this deposit on your online statement, log into your Peerform account and click on “Verify your bank account” located below your “To do” list.

How can I verify my income if I am self employed and do not receive traditional pay stubs?

You will need to provide a recent tax return along with 2 recent bank statements.

Can I postpone a payment?

You can postpone the payment for up to 10 days. Make sure to contact customer support via email, phone, or chat about 3-4 business days before the scheduled payment.

Who can invest?

Currently, only institutional investors can have a Peerform Investor Membership at this time.

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